Machine Investment Group, Prospect Lane secure $53m for seven-property South Carolina multi-housing portfolio

Machine Investment Group and Prospect Lane have secured $53.4 million in bridge financing for an 877-unit, seven-property, multi-housing portfolio in Spartanburg and Mauldin, S.C.

JLL represented the borrowers in securing the three-year, floating-rate loan.

The portfolio comprises five properties in Spartanburg and two in Mauldin.

The 70 percent-occupied, 1971-1986 vintage apartment portfolio, has 139 newly renovated units and the sponsor plans to remodel an additional 300. The restorations will include updates to in-unit features like new cabinet faces, stainless-steel appliances, quartz countertops, light fixtures and non-carpet flooring. The exteriors will get updated roofs, parking lots, sidewalks, paint, HVAC systems and security camera installations.